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Save More Tomorrow says financier
28 October 2008 16:38
A major provider of finance in the UK has announced a scheme to address the issue of the credit crunch hitting pension values.
AXA's Save More Tomorrow plan automatically increases the amount of paid in over the course of the pension, which helps to combat both inflation and the declining number of contributions being made.
Statistics from the Pensions Commission have shown that the number of employees investing in a workplace plan has plummeted by one million since 2004.
Head of corporate partnerships at AXA, Mark Rowlands, said that he hoped innovative schemes such as Save More Tomorrow would help people not only raise the amount they save, but also stop the decline in the number of individuals taking out a private pension.
He added that it would be good to see the introduction of a scheme like this one as a positive step towards reducing the pensions deficit the UK is facing.
Earlier this month, the government announced proposals to allow individuals to purchase up to six years of national insurance contributions.
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